ProShares, a premier provider of alternative exchange traded funds
(ETFs), today announced the launch of the first ETF that provides
inverse exposure to the high yield bond market.

The ProShares Short High Yield (NYSE: SJB) seeks to provide -1x the
daily performance of the Markit iBoxx $ Liquid High Yield Index, before
fees and expenses. The ETF lists on NYSE Arca today.

“High yield bonds have had a strong rebound since the financial crisis,
with indexes reaching all-time highs1 and high yield funds
attracting significant inflows over the past two years,” said Michael L.
Sapir, Chairman and CEO of ProShare Advisors LLC, ProShares' investment
advisor. “For investors who believe that high yield bonds are ripe for a
pullback, SJB can be used to help hedge against or to seek to benefit
from potential declines.”

SJB expands ProShares’ popular lineup of inverse bond ETFs to five.
ProShares’ four existing inverse bond ETFs, which are benchmarked to
Treasurys, have garnered more than $7 billion of assets since launching
less than three years ago.

ProShares

Ticker Symbol

Index

Daily Objective*

New Inverse Bond ETF

Short High Yield

SJB

Markit iBoxx $ Liquid High Yield Index

-1x

Existing Inverse Bond ETFs

UltraShort 20+ Year Treasury

TBT

Barclays Capital 20+ Year U.S. Treasury Index

-2x

UltraShort 7-10 Year Treasury

PST

Barclays Capital 7-10 Year U.S. Treasury Index

-2x

UltraShort TIPS

TPS

Barclays Capital U.S. Treasury Inflation Protected

Securities (TIPS) Index (Series-L)

-2x

Short 20+ Year Treasury

TBF

Barclays Capital 20+ Year U.S. Treasury Index

-1x

* Before fees and expenses

1 Merrill Lynch’s widely followed U.S. High Yield Master II
Index and the Markit iBoxx $ Liquid High Yield Index

About ProShares

ProShares is a premier provider of alternative ETFs, with 116 funds and
more than $26 billion in assets. ProShares offers the largest family of
geared (leveraged and inverse) ETFs2. ProShares is part of
ProFunds Group, which was founded in 1997 and includes more than $32
billion in mutual fund and ETF assets3.

2 Source: Lipper, based on a worldwide analysis of all the
known providers of funds in these categories. The analysis covered ETFs,
ETNs and mutual funds by the number of funds and assets as of 6/30/2010.

3 Assets as of 3/11/2011.

Leveraged and inverse ProShares and ProFunds seek returns that are
multiples or inverse multiples (e.g., 2x, -2x) of the return of an index
or other benchmark (target) for a single day. Due to the
compounding of daily returns, leveraged and inverse ProShares’ and
ProFunds’ returns over periods other than one day will likely differ in
amount and possibly direction from the target return for the same
period. Investors should monitor their holdings consistent with their
strategies, as frequently as daily, and rebalance if necessary. A
rebalancing strategy involves transaction costs and may have tax
consequences. For more on correlation, leverage and other risks, please
read the ProShares or ProFunds prospectus.

Disclosure:

Investing involves risk, including the possible loss of principal.
ProShares and ProFunds are non-diversified and entail certain risks,
including risk associated with the use of derivatives (futures
contracts, swap agreements and similar instruments), imperfect benchmark
correlation, leverage and market price variance, all of which can
increase volatility and decrease performance. Bond values will fall when
interest rates rise. High yield bonds may involve greater levels of
interest rate, credit, liquidity and valuation risk than for
higher-rated instruments. Short ProShares and ProFunds should lose money
when their benchmarks or indexes rise. See the prospectus for a more
complete description of risks. There is no guarantee any ProShares ETF
or ProFund will achieve its investment objective.

Carefully consider the investment objectives, risks, charges and
expenses of ProShares and ProFunds before investing. This and other
information can be found in their summary and full prospectuses. Read
them carefully before investing.Obtain them at www.proshares.com
or www.profunds.com.

The iBoxx $ Liquid High Yield Index is a modified market-value weighted
index designed to provide a balanced representation of U.S.
dollar-denominated high yield corporate bonds for sale within the United
States by means of including the most liquid high yield corporate bonds
available as determined by the index provider. iBoxx is a registered
trade mark of International Index Company Limited (IIC) and has been
licensed for use by ProShares. IIC does not approve, endorse or
recommend ProShares or ProShares Short High Yield and IIC makes no
representation regarding the suitability of investing in ProShares Short
High Yield.